Kryptoin once again touches an all-time low of $29.04 and is currently trading at $30 as of 10:00AM EST and is down -2.94% in 24 hours. Similarly, Bitcoin and the Cryptocurrency Market Cap have also hit its YTD lows. Bitcoin fell below the $4200 level to $4195.68 the lowest it has been this year and has traded at $4392.92 most recently down -3.49% in 24 hours. The Cryptocurrency Market Cap reached a $136.22B YTD low before climbing back to $140.11B down -4.07% for the same time frame.
Bitcoin Price Eyes Double Bottom Reversal After $4K Defense
Bitcoin’s defense of key long-term support for the second time in four days is a positive sign for a potential recovery rally.
The leading cryptocurrency by market value fell below $4,242 (low of Wednesday’s inside-day candle) in the Asian trading hours, putting the bears back into the driver’s seat. As a result, BTC fell below the 200-week exponential moving average (EMA) of $4,182 earlier today.
The breach of the EMA support, however, may have trapped the bears on the wrong side of the market, as BTC is currently trading at $4,330 on Bitstamp, having clocked an intraday low of $4,061 earlier today.
It is worth noting that the long-term EMA was first breached on Tuesday. The subsequent sell-off, however, ended at the 14-month low of $4,048 and prices recovered to $4,500 on the following day.
The repeated failure to beat the long-term support indicates the bears have likely run out of steam. As a result, a stronger corrective rally could be in the offing.
Godbole, O. (2018). Bitcoin Price Eyes Double Bottom Reversal After $4K Defense — CoinDesk. [online] [Accessed 23 Nov. 2018].
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